Answer:
D. Both are able and willing to supply the good, and have already identified a buyer
Answer:
Explanation:
One distinct difference between PERSONAL SELLING and other forms of advertising is that buyers and sellers can interact "face-to-face". There is usually a dialogue and an exchange of information.
Answer:
I believe that the demand equation is incomplete, since there is no price (P).
If we just solve this equation like it is, the quantity demanded = 80 - 12 = 68 gallons
if we add the price into the equation:
Q = 80 - 12P
since this is a competitive market, in order to maximize profits, marginal revenue = marginal cost = $4.10 per gallon (not $410).
That means that both companies will sell gasoline at $4.10 per gallon
equilibrium quantity = 80 - (12 x 4.10) = 30.8 gallons of gasoline
Answer:
The correct answer is: a positive correlation.
Explanation:
Correlation can say something about the relationship between variables. It is used to understand:
1. If the relationship is positive or negative
2. The strength of the relationship.
Correlation is a powerful tool that provides vital pieces of information.
In the case of family income and family spending, it is easy to see that both rise or fall together in the same direction. This is called a positive correlation.
In the case of price and demand, the change occurs in the opposite direction, so that the increase in one is accompanied by a decrease in the other. This is known as a negative correlation.
